The Key at 12th will bring a total of 334,000 sq. ft. in office space, with two roof decks and ground floor retail. Although it includes a parking garage for 145 vehicles, the building will be next to the 12th St. BART station, which offers access to the Bay Area’s entire transit network.

“Intercontinental is excited to break into the Oakland, California market with this development opportunity, which when constructed and stabilized, will make a terrific trophy office building for our U.S. REIF portfolio. By venturing on this project with Ellis Partners, an experienced best-of-class developer, we create hundreds of union construction jobs in Oakland and believe this project will generate excellent returns for our investors,” said Peter Palandjian, chairman and CEO at Intercontinental.

Designed by San Francisco architect Gensler, the project is combining the new tower with the site’s existing structure, the historic headquarters of the Key System Railway that was originally built in 1911.

“Oakland is a city that seamlessly blends tradition and innovation,” said city mayor Libby Schaaf. “The addition of the new structure at 1100 Broadway and the renovation of the Key System Building, in the heart of our downtown will add to the energy and vitality of the city in a way that respects Oakland’s history.”

Approximately 165,000 sq. ft. of the building’s lower levels has already been pre-leased. Only 154,000 sq. ft. on the highest eight levels remains available for rent.